BROKER REVIEW

Comments Rating 2.5 (2 reviews)

GENERAL INFORMATION

Broker Name:

IQ Option

Broker Type:

Crypto

Country

Saint Vincent and the Grenadines

Operating since year:

2013

Regulation:

CySEC

Address:

Hinds Building, Kingstown, St. Vincent and Grenadines

Broker status:

Regulated

CUSTOMER SERVICE

Phone:

+44 20 8068 0760

Languages:

English

Availability:

24/7

TRADING

Trading platforms:

Proprietary

Trading platform Time zone:

N/A

Demo account:

YES

Mobile trading:

YES

Web-based trading:

YES

Bonuses:

NO

Other trading instruments:

YES

ACCOUNT

Minimum deposit ($):

$1

Maximal leverage:

1:1000

Spread:

Floating

Scalping allowed:

YES

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GENERAL INFORMATION: IQ Option

IQ Option is a crypto broker that seems to have gotten onto the digital currency train early. They were founded in 2013, making them one of the most experienced brokerage firms that specialize in digital currencies.

The broker is based in Saint Vincent and the Grenadines. Their specific address is Hinds Building, Kingstown.

The broker, unlike many others, seems to have aged gracefully and kept up with the cut-throat competition. They have maintained a positive reputation over the seven year period they’ve been operating, and have a significant list of benefits they provide their users. Before we go into more detail about the broker, let’s see what their main draws are:

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• LOW MINIMUM DEPOSIT

Unlike many other crypto-focused brokers, IQ Option doesn’t have a high barrier to entry. You’ll just need $1, and you’ll be able to open your live account and start trading for real. Although the initial deposit doesn’t matter in the long run, it does make the broker look more welcoming to new traders.

• VIDEO GUIDES

While many online brokers include some sort of learning experience into their service, few go to lengths that IQ Option did. They have video tutorials divided into multiple sections that can help teach new learners. Not only that, but they also have crypto digest and market news playlists, which they keep updating. The total list of over 100 videos indicates that they are actually trying to provide a quality service rather than simply doing the bare minimum needed.

• 1000:1 LEVERAGE

A 1000:1 leverage is quite good, especially since, crypto brokers usually make it lower. A good leverage rate can make it much easier to gain and maintain profits, so traders should be glad IQ Option provides exactly that.

FUNDS TRADING AND SECURITY

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The broker is regulated by CySEC, one of the most strict licensers on the field. That provides quite a significant boost to their security rating and is a good indicator of a trustworthy broker. However, regulation can, from time to time, prove unreliable. Many brokers like to use those cracks to try and pull off some shady business practices. That’s why reputation carries almost the same amount of weight as licensing.

And IQ Option, luckily, also does well in that department. They do have an unsatisfactory rating on some websites, however, we checked the comments, and the negative score mostly comes from people promoting their scams and review bombing the broker. People who seem to have actually used the service seem to be satisfied.

A negative comment can be found here or there, but each broker has someone who complains about a negative experience. A lot of those can be attributed to customers who are sour that they lost a large sum of money. There’s not much else to say about IQ Option; they don’t seem to have any serious transgressions or raise any red flags and seem to be a straight-forward, trustworthy firm.

TRADING ACCOUNTS

The broker provides a training account, which is a nice way to get a feel for the service they provide. You’ll also be able to check out their custom platform and familiarize yourself with it before investing any actual funds. For new traders, a demo account can be a good way to get to know the ropes, so it’s quite a welcome feature that lowers the barrier to entry.

And speaking of the barrier to entry, IQ Option ensured it was quite low, even for real accounts. While a lot of brokers opt for higher minimum deposits to bind customers to themselves in a way, IQ Option requires only a dollar to get you started. That’ll net you the standard account, which provides an amazing experience, especially when its price is considered.

Sadly, there’s not much beyond that as the only way you can upgrade is by getting yourself a VIP account. That doesn’t have a specific investment threshold, but rather requires you to deposit $1900 in the span of 48h. It’s quite a solid upgrade over the normal account, with a personal manager and increased profits on successful trades.

The optimal tactic if you intend to stick with IQ Option is to go for the higher-tier account straight away, as the increase in profit can prove significant long-term. It’s sad that there aren’t more options, but overall the two accounts provide a good combination of an entry point and a quality account for loyal customers.

Here’s some more details on what the IQ Option live account gets you:

• STANDARD

Minimum deposit: $1
Minimum withdrawal: $2
Leverage: 1:10
Spread: Floating

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TRADING CONDITIONS

While IQ Option is certainly focused on providing budget traders with a quality experience, there’s something for everyone. The leverage is quite high, and the spreads are tight, allowing for higher profits and more precise predictions. The VIP account, if you opt into it, can boost each successful trade by 3%. That’s quite a significant boost, as even a small number like that can result in thousands of dollars over time.

The account types are lacking in variety but make up for it slightly in quality. Although we would’ve liked it if there was more personal customization, the standard and VIP options are great for beginner and experienced traders, respectively. Both their deposits and withdrawals are quick and have low requirements, which prevents funds from just sitting in your account. The trading assets also provide enough variety for traders to assemble a diverse portfolio.

The trust rating also plays into the overall trading experience, and IQ Option does well in that regard too. They don’t pass with flying colors, but then again, very few (if any) online brokers do, and IQ Option’s security is about the best you can hope for.

TRADING PLATFORM

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The platform IQ Option uses is proprietary, and from our experience, quite functional and intuitive. However, as it usually goes with custom platforms, it’d probably be better if they just invested into a more traditional choice, such as MT4. That’s not to say that their software is lacking, it’s just hard to top what industry giants have set in place.

As far as functionality goes, IQ Option’s platform has all the charts and analytical tools you’d come to expect. In all honesty, it doesn’t do much to stand out from other custom software, which for some reason, tend to look similar. There are options for both web and mobile trading, however.

The web app loses nearly nothing in functionality, perhaps running a bit slower than the downloadable software depending on your device specifications. It’ll allow you to just jump into trading, no matter which desktop you’re using. The mobile device app also works well, providing busy traders with a method to trade on the go.

IQ OPTION’S TRADING PRODUCTS

While the instruments at IQ Option aren’t the most diverse group you’ll ever see, there’s enough for a portfolio with a decent amount of variance. Each major section has a few representatives users can buy and sell, with crypto being at the forefront of the broker’s offer. Here’s a look at what you can expect to see once you open up the trade window:

 

• Over a hundred currency options/forex pairs- The options for currencies go quite deep, with over a hundred to pick and choose from. That should be enough variety to satisfy anyone, even though most traders stick to evergreen options.


• Commodities – The selection of commodities isn’t vast, including only a couple of energy and precious metal options. It’s still better than not having any, however, and it’s apparent that the broker didn’t intend to focus on commodities at all.


• Shares – The selection of shares is quite impressive, clocking in at nearly 150 different assets. Some familiar company names, such as Tesla, Facebook, Google, and Netflix, show up among those in the list.


• Crypto – Being a crypto-focused trader, it’s only natural that IQ Option paid the most attention to having a wide selection of coins. There’s nearly thirty for you to choose from, which is quite a bit above the number you’ve come to expect from brokers.

CUSTOMER SERVICE

IQ Option lacks any sort of a live chat option which might deter some traders. However, they more than made up for that by ensuring that there are phone lines located in over twenty different countries that you can call and get help. Besides that, there’s also an email option, and they seem to be quite quick with their responses if user feedback is anything to go by.

UK Phone number: +442080680760

Email: [email protected]

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CONCLUSION

For a broker that’s been around for quite a while, IQ Option has done well in keeping up with the times. Many experienced brokers become overconfident and stop updating their service, which leads them to fall into obscurity, or their offer becoming obsolete. However, IQ Option looks like it’s still making regular updates to what it offers, and keeping up with innovation in the industry.

They have competitive leverage, a good selection of resources to trade, and great deposit and withdrawal options. A slight downside is their custom platform, which, while good, lacks compared to more standard options. Perhaps the biggest hole in their game is the lack of variety when it comes to accounts, but as we already explained, the two accounts have good specifications so that the need for variety drops significantly.

You should try out IQ Option if you want an experienced and secure broker with great crypto, currency, and stock options. There’s a demo account option, and even the live account requires a minimal investment, so even if you don’t enjoy the service, you won’t lose much.

COMMENTS

2 Comments

  1. Avatar Tyla Williams 30.09.2020
  2. Avatar Naeem Bloggs 30.09.2020

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